It was another highly volatile week for global financial markets. While the upcoming week has a much more subdued macroeconomic event calendar, investors still anticipate elevated levels of volatility.

US stocks took another hit on Friday after much weaker-than-expected employment data was released. As a result, some market participants now believe that sentiment has reversed dramatically from just a couple of weeks ago, as growth concerns increase.

This week’s data releases are sparse, especially compared to the plethora of updates we saw last week. However, there are still a few key tier 1 updates as we progress through the trading sessions. Additionally, we must navigate the latest rate update from the Reserve Bank of Australia on Tuesday.

Here is our usual day-by-day breakdown of the major risk events for the week:

It’s a relatively quiet start to the week in terms of economic event risks, with little tier 1 data on the calendar across all three trading sessions. Asian markets are expected to begin on a back foot after a torrid day on Wall Street on Friday, and liquidity will be impacted by a bank holiday in Australia. There is little scheduled for the London session, but PMI data is due in the US once the New York session begins.

The Asian session will focus on the Reserve Bank of Australia’s latest rate decision. The threatened hike now looks unlikely, but traders expect significant volatility for the Aussie around the event. The London session’s initial focus will be on the UK with the release of Construction PMI data. Later in the day, trade balance figures from both the US and Canada are scheduled.

Wednesday starts early with employment data from New Zealand, due soon after the opening of the Asian trading session. There is little scheduled for the next couple of sessions, with only Canadian Ivey PMI numbers and the US 10-year bond auction set for later in the day.

The focus will again be on the antipodes during the Asian session on Thursday, with RBA Governor Michele Bullock due to speak and key New Zealand Quarterly Inflation expectations to be released. Once again, the European session offers little in the way of economic updates. In the US, the usual weekly unemployment claims numbers will be released once the New York session begins.

Chinese data will be in focus midway through the Asian session, with key CPI and PPI numbers due. Once again, there is a long wait for traders before the next major update. The US session will feature the employment data update from Canada, which traders will appreciate being released independently, rather than simultaneously with US employment data.